Montana Code 72-26-505. Effect on existing custodianships
72-26-505. Effect on existing custodianships. (1) Any transfer of custodial property as now defined in this chapter made before October 1, 1985, is validated notwithstanding that there was no specific authority in Title 72, chapter 26, parts 1 through 4 (repealed by section 25, Chapter 102, Laws of 1985), for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
Terms Used In Montana Code 72-26-505
- Custodial property: means :
(a)any interest in property transferred to a custodian under this chapter; and
(b)the income from and proceeds of that interest in property. See Montana Code 72-26-502
- Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
- Property: means real and personal property. See Montana Code 1-1-205
- Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502
(2)This chapter applies to all transfers made before October 1, 1985, in a manner and form prescribed in Title 72, chapter 26, parts 1 through 4 (repealed by section 25, Chapter 102, Laws of 1985), except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on October 1, 1985.
(3)Sections 72-26-502 and 72-26-803, with respect to the age of a minor for whom custodial property is held under this chapter, do not apply to custodial property held in a custodianship that terminated because of the minor’s attainment of the age of 18 before October 1, 1985.